Azerbaijan to launch voluntary social insurance
Azerbaijan, Baku, Feb. 2 /A.Akhundov/
The State Social Protection Fund of Azerbaijan began to prepare proposals for amendments to the Law on Social Insurance to empower it to take deductions for social insurance on a voluntary basis, chairman of the State Social Protection Fund of Azerbaijan Salim Muslimov told Trend.
Mr Muslimov noted that State Fund will present these proposals to the Cabinet of Ministers late 2012.
"The law on social insurance provides for voluntary social insurance which we haven't used to date. We want to amend the legislation to obtain authority to take deductions for social insurance on a voluntary basis and to place them on policyholder's accounts and manage them. These funds will serve as an additional source to increase the amount of pension for the future. It is used in many countries around the world," Mr Muslimov said.
He added that currently the fund receives a large number of calls with regard to such services. "These insured funds can be used only for pension purposes," Mr Muslimov said.